I only took three trades today so I'll go over them (Chart attached below)
Entered Long on small pullback at 900 around 9:30 AM (central). Moved stop-loss to break-even when position went 6 ticks in favor. I was stopped out at break-even a few minutes later, and price moved 4+ points in my favor immediately after I was stopped out (doh!)
Entered Long at 904.75 around 10:50 AM. I definitely entered a bit early on this one; should have entered at 903.75, but it is what it is. I was using a 2-pt stop-loss, and price hit a low of 902.75 at 11:10 AM, and I was promptly stopped out for -2 pts. That was the Low point of the swing, and price didn't touch 902.75 for the remainder of the session (luck was def. not on my side today).
Entered Long at 903.00 around 11:15 AM with a 6-tick stop-loss. Let this one run for +4 pts, and exited at 907.00 around 11:50 AM. I was expecting price to head higher, but didn't want to be greedy (Friday's Stop-Loss experiment showed that it's good to take profit once price has moved 4-5 pts in favor). I called it a day at this point since price was just chopping around.
ES (5-Min) - Trade Chart
|# of Trades||3|
|Largest Win (pts)||4.00|
|Largest Loss (pts)||-2.00|
|Total Win (pts)||4.00|
|Total Loss (pts)||-2.00|
|Net Gain/Loss (pts)||2.00|
|ES Daily Range||32.75|
|P/L as % of Daily Range||6.11|
Lot of Econ News out this week so there should be plenty of volatility in the markets. Expecting support at 893 and resistance at 916 and 923. Existing Home Sales data out at 9:00 AM tomorrow. Btw, I won't be trading tomorrow since I have to head to Downtown to take care of all the paperwork for the new job.
ES (Daily) - Today's bullish candle on the Daily took out the bearish movement of the previous 3-4 sessions.